Abercrombie & Fitch Co.’s chairman and chief executive officer Michael Jeffries’ reported income in 2009 was $36.3 million, 56.6 percent higher than the $23.2 million reported in 2008, but in reality, neither he nor the company he heads had that good of a year.
According to the firm’s definitive proxy, filed with the Securities and Exchange Commission this week, 91.6 percent of Jeffries’ compensation was in the form of option awards totaling $33.3 million, “which will only be realizable in future years and upon the satisfaction of certain conditions,” including his uninterrupted employment at A&F. In accordance with the terms of the new employment contract signed by the executive at the end of 2008 — and set to expire at the end of A&F’s 2013 fiscal year — Jeffries received a retention grant of stock appreciation rights covering 4 million shares of common stock, which don’t fully vest until the completion of his contract.
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